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Oil prices climbed sharply during Asian trading on Monday as renewed U.S.-Iran military tensions raised concerns about potential disruptions to crude shipments through the Strait of Hormuz, one of the world’s most important energy routes.
As of 00:53 ET (04:53 GMT), November Brent crude futures rose 2.5% to $90.28 per barrel, while West Texas Intermediate (WTI) crude futures gained 2.2% to $85.24 a barrel.
The rally followed U.S. strikes on two Iranian launchers on Larak Island on Sunday, marking the first known American military action against Iran since late July. The island sits near the strategically important Strait of Hormuz.
According to a U.S. official, Islamic Revolutionary Guard Corps personnel were preparing to fire rockets carrying sea mines into the waterway before the American operation.
Tensions intensified after Iran reportedly launched missiles toward U.S. forces stationed in Jordan in apparent retaliation. Fox News, citing a U.S. source, reported that nearly all incoming missiles were intercepted and that no significant impact had been recorded.
ING analysts said the outlook for crude oil prices will largely depend on whether the latest confrontation triggers additional strikes and makes shipping companies more reluctant to navigate the Strait of Hormuz.
Regional oil producers had recently become more comfortable moving crude through the chokepoint, with approximately 5 million barrels per day passing through the strait on average. A fresh escalation, however, could place those energy flows at risk and increase the geopolitical risk premium in oil markets.
Crude prices have remained highly sensitive to the Middle East conflict this year. Brent has repeatedly fluctuated as investors assessed military developments, U.S.-Iran ceasefire prospects and the possibility of a sustained recovery in Hormuz shipping.
Earlier in August, uncertainty surrounding a potential U.S.-Iran peace agreement helped push Brent to its highest closing level since late July as Tehran maintained restrictions on the strait.
Traders are also watching U.S. supply policy after President Donald Trump said Washington would begin replenishing the Strategic Petroleum Reserve with crude obtained through a new agreement with Venezuela.
